v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities        
Profit for the period $ 31,177 $ 5,569 $ 68,985 $ 107,372
Income and expenses not associated with cash flows:        
Depreciation and amortization 47,384 37,228 98,106 71,017
Finance expenses, net 50,512 48,685 85,215 71,073
Share-based compensation 4,941 1,284 10,042 2,994
Taxes on income 10,220 955 22,498 25,606
Tax benefits (39,014) (18,861) (79,764) (38,972)
Other income (expenses), net 688 (3,479) (1,063) (2,374)
Company’s share in losses of investee partnerships 428 418 1,421 1,645
Gains from projects disposals (453) (566) (889) (97,828)
Total income and expenses not associated with cash flows 74,706 65,664 135,566 33,161
Changes in assets and liabilities items:        
Change in other receivables (1,747) (3,737) 289 (4,593)
Change in trade receivables (18,676) (509) (20,153) (20,885)
Change in other payables 23,657 12,866 19,631 21,470
Change in trade payables (20,890) (10,452) (14,161) (2,650)
Total changes in assets and liabilities items (17,656) (1,832) (14,394) (6,658)
Income Tax paid (3,774) (7,598) (5,359) (8,673)
Net cash from operating activities 84,453 61,803 184,798 125,202
Cash flows for investing activities        
Sale (Acquisition) of consolidated entities, net (14,423) (3,205) (14,657) 33,018
Sale of investee entities 29,208 0 29,208 0
Changes in restricted cash and bank deposits, net 53,937 10 280,883 8,186
Purchase, development, and construction in respect of projects (723,463) (402,160) (1,332,696) (658,022)
Interest receipts [1] 8,978 3,822 15,518 6,334
Loans provided and investment in investees (8,912) (18,894) (28,320) (26,324)
Repayment of loans to investees 8,134 0 22,504 30,815
Payments on account of acquisition of consolidated Company (7,874) 0 (7,874) (7,447)
Purchase of long-term financial assets measured at fair value through profit or loss, net (22,735) (207) (24,999) (3,247)
Net cash used in investing activities (677,150) (420,634) (1,060,433) (616,687)
Cash flows from financing activities        
Receipt of loans from banks and other financial institutions 609,635 531,106 1,387,800 674,684
Repayment of loans from banks and other financial institutions (71,388) (114,439) (601,846) (223,361)
Interest paid [1] (26,256) (18,089) (61,825) (40,387)
Issuance of debentures 345,933 0 345,933 125,838
Issuance of convertible debentures 0 0 0 114,685
Repayment of debentures 0 0 0 (21,994)
Dividends and distributions by subsidiaries to non-controlling interest (37,842) (8,682) (37,842) (8,682)
Proceeds from investments by tax-equity investors 0 0 121,068 0
Repayment of tax-equity investment (3,850) (10,952) (5,837) (10,952)
Deferred borrowing costs (39,636) (11,419) (51,410) (46,618)
Receipt of loans from non-controlling interests 0 182 14 182
Repayment of loans from non-controlling interests (3,539) 0 (3,539) 0
Increase in holding rights of consolidated entity 0 0 0 (1,392)
Issuance of shares 0 0 419,317 0
Exercise of share options 18 19 35 30
Repayment of lease liability (938) (1,745) (3,767) (5,803)
Proceeds from investment in entities by non-controlling interest 0 5,067 0 12,799
Net cash from financing activities 772,137 371,048 1,508,101 569,029
Increase in cash and cash equivalents 179,440 12,217 632,466 77,544
Balance of cash and cash equivalents at beginning of period 978,761 449,530 528,497 387,427
Effect of exchange rate fluctuations on cash and cash equivalents 5,533 18,712 2,771 15,488
Cash and cash equivalents at end of period $ 1,163,734 $ 480,459 $ 1,163,734 $ 480,459
[1] See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid